2019 Federal Tax Information

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1 IRS 2019 Federal Tax Information A reference guide for individuals This guide includes the Internal Revenue Service (IRS) declared tax rate schedules, tax tables and cost of living adjustments for certain tax items and provisions. The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

2 Federal law provides for inflation adjustments to many important amounts used in personal, business and financial planning, including tax brackets, standard deductions, personal exemptions, retirement plan contributions, Social Security benefits, and Medicare premiums. This document provides current information on those amounts and serves as a reference for other important financial information. CONTENTS 2 Standard Deductions and Personal and Dependency Exemptions Federal Individual Income Tax Rates Federal Individual Income Tax Rates Brackets for Capital Gains and Dividend Income Brackets for Capital Gains and Dividend Income 5 Child Tax Credit 5 Adoption Credit 6 3.8% Net Investment Income Tax 6 Tax Benefits for Education 7 Alternative Minimum Tax 7 Kiddie Tax 8 Corporate Income Tax Rate 8 Deduction for Pass-Through Entities 8 Qualified Long Term Care Insurance Premiums 9 Qualified Plan Benefit, Contribution, and Compensation Limits 9 IRA and Employee Contribution Limits 9 IRA and Roth IRA Phaseout Ranges 10 Comparing Traditional and Roth IRAs 11 Health Savings Accounts 11 Federal Gift and Estate Tax Amounts 11 Federal Gift, Estate Tax and GST Rates 12 Social Security 13 Medicare Information 14 Uniform Lifetime Table

3 This information is current as of December 4, Please refer to for the most up-to-date information, as changes could occur after this date. STANDARD DEDUCTIONS AND PERSONAL AND DEPENDENCY EXEMPTIONS Standard deduction for single individuals Standard deduction for joint returns or surviving spouses Standard deduction for heads of households Standard deduction for married individuals filing separate return $12,200 $12,000 $24,400 $24,000 $18,350 $18,000 $12,200 $12,000 Additional standard deduction for married taxpayers age 65 $1,300 $1,300 or older or blind 1 Additional standard deduction for single taxpayers age 65 $1,650 $1,600 or older or blind 1 Personal and dependency exemptions Phaseout of itemized deductions and personal exemptions begins at: Suspended through the year 2025 Suspended through the year 2025 J =Married Filing Jointly H =Head of Household S =Single MFS =Married Filing Separately 1 Taxpayers who are both age 65 and blind may claim twice the amount indicated as their additional standard deduction. 2

4 2019 FEDERAL INDIVIDUAL INCOME TAX RATES If filing status is Single $ 0 $ 9,700 $ % $ 0 9,700 39, % 9,700 39,475 84,200 4, % 39,475 84, ,725 14, % 84, , ,100 32, % 160, ,100 $510,300 46, % 204,100 $510, $153, % $510,300 If filing status is Married Filing Jointly or Surviving Spouses $ 0 $ 19,400 $ % $ 0 19,400 78,950 1, % 19,400 78, ,400 9, % 78, , ,450 28, % 168, , ,200 65, % 321, ,200 $612,350 93, % 408,200 $612, $164, % $612,350 If filing status is Married Filing Separately $ 0 $ 9,700 $ % $ 0 9,700 39, % 9,700 39,475 84,200 4, % 39,475 84, ,725 14, % 84, , ,100 32, % 160, ,100 $306,175 46, % 204,100 $306, $82, % $306,175 If filing status is Head of Household $ 0 $ 13,850 $ % $ 0 13,850 52,850 1, % 13,850 52,850 84,200 6, % 52,850 84, ,700 12, % 84, , ,100 31, % 160, ,100 $510,300 45, % 204,100 $510, $152, % $510,300 If filing status is for Estates and Trusts $ 0 $ 2,600 $ % $ 0 2,600 9, % 2,600 9,300 $12,750 1, % 9,300 $12, $3, % $12,750 3

5 2018 FEDERAL INDIVIDUAL INCOME TAX RATES If filing status is Single $ 0 $ 9,525 $ % $ 0 9,525 38, % 9,525 38,700 82,500 4, % 38,700 82, ,500 14, % 82, , ,000 32, % 157, ,000 $500,000 45, % 200,000 $500, $150, % $500,000 If filing status is Married Filing Jointly or Surviving Spouses $ 0 $ 19,050 $ % $ 0 19,050 77,400 1, % 19,050 77, ,000 8, % 77, , ,000 28, % 165, , ,000 64, % 315, ,000 $600,000 91, % 400,000 $600, $161, % $600,000 If filing status is Married Filing Separately $ 0 $ 9,525 $ % $ 0 9,525 38, % 9,525 38,700 82,500 4, % 38,700 82, ,500 14, % 82, , ,000 32, % 157, ,000 $300,000 45, % 200,000 $300, $ 80, % $300,000 If filing status is Head of Household $ 0 $ 13,600 $ % $ 0 13,600 51,800 1, % 13,600 51,800 82,500 5, % 51,800 82, ,500 12, % 82, , ,000 30, % 157, ,000 $500,000 44, % 200,000 $500, $149, % $500,000 If filing status is for Estates and Trusts $ 0 $ 2,550 $ % $ 0 2,550 9, % 2,550 9,150 $ 12,500 1, % 9,150 $ 12, $ 3, % $ 12,500 4

6 2019 BRACKETS FOR CAPITAL GAINS AND DIVIDEND INCOME 15% rate begins at: 20% rate begins at: Married Filing Jointly $78,750 $488,850 Married Filing Separately $39,375 $244,425 Single $39,375 $434,550 Head of Household $52,750 $461,700 Trusts $ 2,650 $ 12, BRACKETS FOR CAPITAL GAINS AND DIVIDEND INCOME 15% rate begins at: 20% rate begins at: Married Filing Jointly $77,200 $479,000 Married Filing Separately $38,600 $239,500 Single $38,600 $425,800 Head of Household $51,700 $452,400 Trusts $ 2,600 $ 12,700 CHILD TAX CREDIT $2,000 (2019) per child under 17 at end of year, reduced by $50 for every $1,000 of adjusted gross income (AGI) above phaseout: 2019 Credit for Children $ 2,000 Credit for Other Family Members Phaseout Married Filing Jointly Phaseout Single, Head of Household $ 500 Over $400,000 Over $200,000 Married Filing Separately Over $200,000 ADOPTION CREDIT 2019 Maximum $14,080, phaseout range of $211,160 $251, Maximum $13,810, phaseout range of $207,140 $247,140 5

7 3.8% NET INVESTMENT INCOME TAX Imposed on the lesser of net investment income or modified adjusted gross income (MAGI) that exceeds the threshold amount shown: Married Filing Jointly $250,000 Single, Head of Household $200,000 Married Filing Separately $125,000 Estates and Trusts 2019 $12, $12,500 TAX BENEFITS FOR EDUCATION Tax Benefit Savings bond income exclusion Student loan interest deduction Basic Rule Must be used to pay qualified higher education expenses Deductible up to $2,500 American 100% of first Opportunity $2,000 of Tax Credit qualifying (per qualifying expenses plus student) 25% of next $2,000 Lifetime Learning Credit (per taxpayer regardless of the number of students) 20% of first $10,000 of qualifying expenses 2019 AGI/MAGI Phaseout Range J: $121,600 $151,600 O: $ 81,100 $ 96,100 J: $140,000 $170,000 O: $ 70,000 $ 85,000 J: $160,000 $180,000 O: $ 80,000 $ 90,000 J: $116,000 $136,000 O: $ 58,000 $ 68,000 J=Married Filing Jointly; O=All Other Filers AGI used may be subject to modifications AGI/MAGI Phaseout Range J: $119,300 $149,300 O: $ 79,550 $ 94,550 J: $135,000 $165,000 O: $ 65,000 $ 80,000 J: $160,000 $180,000 O: $ 80,000 $ 90,000 J: $114,000 $134,000 O: $ 57,000 $ 67,000 6

8 ALTERNATIVE MINIMUM TAX Individuals: The alternative minimum tax (AMT) is a tax designed to reduce the favorable tax treatment received by certain income exclusions and deductions or when income is taxable. Individual taxpayers pay the greater of (1) the AMT or (2) the regular income tax. Effective in 2018 and later years, the Alternative Minimum Tax has been repealed for C Corporations. Individual Alternative Minimum Tax Rates 26% up to 28% rate over Exemption Amounts Phaseout of AMT exemption amount begins at J, S, H, ET: $ 194,800 MFS: $ 97,400 J, S, H, ET: $ 191,500 MFS: $ 95,750 J, S, H, ET: $194,800 J, S, H, ET: $ 191,500 MFS: $ 97,400 MFS: $ 95,750 J: $ 111,700 J: $ 109,400 S, H: $ 71,700 S, H: $ 70,300 MFS: $ 55,850 MFS: $ 54,700 ET: $ 25,000 ET: $ 24,600 J: $1,020,600 J: $1,000,000 S, H: $ 510,300 S, H: $ 500,000 MFS: $ 510,300 MFS: $ 500,000 ET: $ 83,500 ET: $ 82,050 Kiddie tax exemption amount (child s $7,750 $7,600 earned income plus) 2 J=Married Filing Jointly; S=Single; H=Head of Household; MFS=Married Filing Separately; ET=Estates and Trusts 2 The kiddie tax exemption amount cannot exceed the exemption amount for a single taxpayer. KIDDIE TAX No tax on first $1,100 $1,050 Taxed at child s tax rate on next $1,100 $1,050 Above $2,200 for 2019 or $2,100 for 2018, use rate table for Trust & Estates Trusts & Estates 7

9 CORPORATE INCOME TAX RATE The corporate income tax rate is a flat 21% for all corporations. There is no special rate for personal service corporations. DEDUCTION FOR PASS-THROUGH ENTITIES Deduction equal to the lesser of 20% of domestic qualified business income from a pass-through entity. The deduction is subject to additional limitations beginning when taxable income exceeds $315,000 in 2018 and $321,400 in 2019 (MFJ) or $157,500 in 2018 and $160,700 in 2019 (all other taxpayers). For pass-throughs engaged in certain professional services, the deduction is phased out if taxable income exceeds $315,000 in 2018 and $321,400 in 2019 (MFJ) or $157,500 in 2018 and $160,700 in 2019 (all other taxpayers) and eliminated if taxable income exceeds $415,000 for 2018 and $421,400 for 2019 (MFJ) or $207,500 for 2018 and $310,700 for 2019 (all other taxpayers). QUALIFIED LONG TERM CARE INSURANCE PREMIUMS Qualified long term care insurance premiums qualify as medical expense itemized deductions, subject to limitations based on the insured s age. Attained Age 2019 Limit 2018 Limit 40 or less $ 420 $ 420 More than 40 through 50 $ 790 $ 780 More than 50 through 60 $1,580 $1,560 More than 60 through 70 $4,220 $4,160 Older than 70 $5,270 $5,200 8

10 QUALIFIED PLAN BENEFIT, CONTRIBUTION, AND COMPENSATION LIMITS Type of Limit Defined benefit plan maximum annual benefit $225,000 $220,000 Maximum annual addition to defined contribution plans 3 $ 56,000 $ 55,000 Covered compensation limit $280,000 $275,000 Minimum compensation amount $ 600 $ 600 for SEP plan participation Compensation level for highly compensated employees (HCEs other than 5% owners) Compensation level for key employees other than 5% owners 3 In addition, the maximum annual addition cannot exceed 100% of an employee s compensation for the year. An employee s elective deferrals are included in computing the contribution limit and are included in compensation. IRA AND EMPLOYEE CONTRIBUTION LIMITS Catch-up limit Year age 50 & over* Traditional and Roth IRAs $ 6,000 $ 5,500 $1, (k), 403(b), 457(b) plans 4 $19,000 $18,500 $6,000 SIMPLE IRA/ 401(k) $13,000 $12,500 $3,000 4 Also applies to salary reduction SEPs (SARSEPs) IRA AND ROTH IRA PHASEOUT RANGES Deduction for active participants in an Employer plan: Married Filing Jointly $103,000 $ 123,000 $101,000 $ 121,000 Single or Head of Household $ 64,000 $ 74,000 $ 63,000 $ 73,000 Married Filing Separately $ 0 $ 10,000* $ 0 $ 10,000* Individual is Not an Active Participant but Spouse is $193,000 $ 203,000 $189,000 $ 199,000 Roth IRA contribution income limits: Married Filing Jointly $193,000 $ 203,000 $189,000 $ 199,000 Single or Head of Household $122,000 $ 137,000 $120,000 $ 135,000 Married Filing Separately $ 0 $ 10,000 5 $ 0 $ 10, Phaseout range is not subject to an annual cost-of-living adjustment. *Not subject to inflation adjustment 9 $125,000 $120,000 $180,000 (Officers) $150,000* (1% Owner) $175,000 (Officers) $150,000 (1% Owner)

11 COMPARING TRADITIONAL AND ROTH IRAS Topic Traditional IRA Roth IRA Income limit Deductibility of contributions Taxation of distributions Deductible contributions: Limits apply if individual or spouse is an active participant in employer plan (see previous page) Non-deductible contributions: None Non-participants in an employer plan may deduct the full amount of the allowable contribution. Deduction for participants in a qualified plan (or spouse of a participant) may be limited (see previous page). Taxable unless non-deductible contributions were made. Non-deductible contributions are allocated prorated to each distribution until fully recovered. If under 59½, 10% early withdrawal penalty tax applies unless the distribution qualifies for one of the following exceptions: Death Disability Substantially equal periodic payments First-time home purchase (limited to $10,000 lifetime) Qualified higher education expenses Qualifying unreimbursed medical expenses Health insurance if unemployed Qualified reservist distributions Yes (see phaseout table on previous page) Not deductible Contributions distributed tax-free first. Distributed earnings are tax free if account is held 5 years and distribution is made: On or after age 59½ At or after death If disabled For a first home purchase (limited to $10,000 lifetime) If under 59½, taxable earnings are subject to the 10% early withdrawal penalty tax unless the distribution qualifies for one of the following exceptions: Death Disability Substantially equal periodic payments First-time home purchase (limited to $10,000 lifetime) Qualified higher education expenses Unreimbursed medical expenses Health insurance if unemployed Qualified reservist distributions 10

12 11 HEALTH SAVINGS ACCOUNTS Individual Family Individual Family Minimum deductible $1,350 $ 2,700 $1,350 $ 2,700 Maximum out-ofpocket limit Maximum HSA contribution Additional contribution for individuals age 55-64* 6 If both spouses are in age range $6,750 $13,500 $6,650 $13,300 $3,500 $ 7,000 $3,450 $ 6,900 $1,000 $ 2,000 6 $1,000 $ 2,000 6 FEDERAL GIFT AND ESTATE TAX AMOUNTS Annual gift tax exclusion per recipient $ 15,000 $ 15,000 Noncitizen spouse annual gift tax exclusion $ 155,000 $ 152,000 Section 6166 election: Estate tax attributed to qualifying business interest qualifying for 2% interest rate Special use valuation: Maximum decrease in value of qualified property Gift, estate and Generation-skipping tax (GST) exemption amount $ 1,550,000 $ 1,520,000 $ 1,160,000 $ 1,140,000 $11,400,000 $11,180,000 Gift and estate tax credit $ 4,505,800 $ 4,417,800 FEDERAL GIFT, ESTATE TAX AND GST RATES If Taxable Gift or Estate is Tentative Tax Over But not over Tax is: Excess + amount over $0 $10,000 $0 18% $0 10,000 20,000 1,800 20% 10,000 20,000 40,000 3,800 22% 20,000 40,000 60,000 8,200 24% 40,000 60,000 80,000 13,000 26% 60,000 80, ,000 18,200 28% 80, , ,000 23,800 30% 100, , ,000 38,800 32% 150, , ,000 70,800 34% 250, , , ,800 37% 500, ,000 $1,000, ,300 39% 750,000 $1,000,000 $345,800 40% $1,000,000

13 SOCIAL SECURITY Maximum compensation subject to FICA taxes: Social Security (Old Age, Survivor, Disability Insurance) $132,900 $128,400 Medicare (Health Insurance) Unlimited Unlimited Earnings required for one credit (maximum 4 credits per year) $ 1,360 $ 1,320 Earnings test Year before Full Retirement Age (FRA) is reached $17,640 $17,040 ($1,470/month) ($1,420/month) Year FRA is reached $46,920 $45,360 ($3,910/month) ($3,780/month) Maximum monthly benefit at FRA $ 2,861 $ 2,788 Cost of living adjustment 2.80% 2.00% Disability income thresholds (monthly) Substantial gainful activity if not blind $ 1,220 $ 1,180 Substantial gainful activity if blind $ 2,040 $ 1,970 Trial work period $ 880 $ 850 SSI Federal monthly payment standard (Individual/Couple) $ 771/ $ 1,157 $ 750/ $ 1,125 SSI resources limit (Individual/Couple) $ 2,000/ $ 3,000 $ 2,000/ $ 3,000 SSI student exclusion (Monthly/Annual) $ 1,870/ $ 7,550 $ 1,820/ $ 7,350 Social Security (OASDI) tax rate: Employee and employer: 6.2%; self-employed: 12.4% Health Insurance (HI tax rate): Employee and employer: 1.45%; self-employed: 2.9% Employees and self-employed pay an additional 0.9% if earned income exceeds the following: J: $250,000; S: $200,000, MFS: $125,000. Social Security Full Retirement Age (FRA) Year of Birth FRA 1937 or earlier , 2 months , 4 months , 6 months , 8 months , 10 months , 2 months , 4 months , 6 months , 8 months , 10 months 1960 and later 67 12

14 Part A Part B Part D 13 MEDICARE INFORMATION (Hospital Insurance) monthly premium (if not eligible for reduced or premium-free coverage) $ 437 $ 422 Hospital inpatient deductible (per benefit period) $1,364 $1,340 Hospital inpatient coinsurance per day (Days 1-60) $ 0 $ 0 Hospital inpatient coinsurance per day (Days 61-90) $ 341 $ 335 Hospital inpatient coinsurance per lifetime reserve day (After day 91 of each benefit period, up to 60 days over lifetime) $ 682 $ 670 Skilled nursing facility coinsurance per day: Days 1-20 $ 0 $ 0 Days $ $ After day 100 All costs All costs Hospice care $ 0 $ 0 Hospice prescription drug co-pay $ 5 $ 5 Hospice respite care coinsurance 5% 5% Medical insurance base premium per month $ $ Income threshold for additional premium* O: $ 85,000 J: $170,000 O: $ 85,000 J: $170,000 Deductible per year $ 185 $ 183 Coinsurance 20% 20% Income threshold for additional premium* O: $ 85,000 J: $170,000 O: $ 85,000 J: $170,000 Deductible (cannot exceed) $ 415 $ 405 Cost threshold for coverage gap ( donut hole ) (combined total spent by enrollee and plan) $ 3,820 $ 3,750 Enrollee s cost per prescription during 25% brand 35% brand coverage gap after plan discounts 37% generic 44% generic Cost threshold for catastrophic coverage (Combined total spent by enrollee and plan) Minimum cost-sharing during catastrophic coverage (enrollee pays 5% coinsurance if greater than co-pay shown) $8, ($5,100 enrollee out of pocket) $8, ($5,000 enrollee out of pocket) $8.50 brand $8.35 brand $3.40 generic $3.35 generic J = Married Filing Jointly; O= All Other Filers 7 Applies to most enrollees. Premium in 2019 ($ in 2018) for those enrolling for the first time, eligible for both Medicare and Medicaid, and those not on Social Security. If AGI exceeds a certain amount, the premium is increased. Premium amounts do not include late enrollment penalty. *Not subject to inflation adjustment.

15 UNIFORM LIFETIME TABLE Retired qualified plan participants and IRA owners generally must begin taking distributions by April 1st of the year after the year in which they turn age 70 1/2. The annual required minimum distributions (RMDs) are based upon the joint life expectancy of the participant/ IRA owner and a hypothetical beneficiary who is 10 years younger. These factors are found in the Uniform Lifetime Table. If the sole designated beneficiary on the account is a spouse who is more than 10 years younger, their RMDs are based on an IRS joint life expectancy. This table can be found in Appendix B of IRS Publication 590-B and produces a smaller RMD than the Uniform Lifetime Table. Age Distribution Period Age Distribution Period and over 1.9 For Use By: Unmarried Owners, Married Owners whose spouses are not more than 10 years younger, and Married Owners whose spouses are not the sole beneficiaries of their IRAs. Note Do not use this table for inherited IRAs and qualified plan accounts. The Single Life Table is used for those accounts. It is found in IRS Publication 590-B as Table I of Appendix B. 14

16 Contact your financial professional directly for additional information or with any questions Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA All rights reserved. AS

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